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A Real Estate Minute

 Answers to your real estate questions

 Q.  If the realtor represents both Buyer and Seller in the sale of our home why does it feel like we are paying him twice?

~  Mike, resident Glenbrooke North


A. When you list your home you agree to pay your Realtor a given amount.


As part of the contract, he agrees to pay another Realtor a portion of his commission to assist in the sale of your home. It does not matter if one or two Realtors are involved. What’s important is that you are satisfied with your final sale price.

 

If the Realtor has done his job, and you are happy with the result, pay him what you agreed too. I have always tried to be fair in this situation with my clients. I believe in being performance based. If you took his advice on price and your home is selling far below the numbers he originally quoted you then feel free to ask for a discount. He missed the mark.

 

However, if it sells within the range he suggested, or it sells quickly, he has done his job and deserves your praise as well as the full commission. I am always puzzled when a client suggests that I reduce my commission because their home sold quickly. Would they feel better if it took six months to sell? I don’t think so.

 

HOT TIP #13

 If you took his advice and you’re happy with the sale price, pay the man!

 


 

Q.  We have an old empty above ground oil tank in our yard. I don’t imagine this will be an issue when we sell. Will it?

 ~   Bob, Sapperton resident


A.  It won’t be. But the one it replaced when your home was still on oil will! Whenever I encounter an old above ground oil tank, it’s a red flag that there is more than likely one that has failed still buried underground.


This was a common way to solve an inground oil tank failure. Most homeowners think they are lucky the builder chose to place the tank above ground. Large oil tanks were placed below the frost line to ensure the free flow of oil in the winter months. Get a professional in to locate the inground tank and have it removed before you sell. Any offer on an older home will have a condition in it to the benefit of the Buyer that states it will be your headache if they find one during inspection.

 

Even a de-commissioned tank (one that has been filled with sand) has to be removed in order for a new Buyer to get insurance. Usually the cost is about $$2500.00

HOT TIP #14

 If its above ground, don’t be surprised to find an old one in the ground!

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